German Gref: “the state will not be allowed cryptocurrency”

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The cryptocurrency has no prospects in the next 10 years: States are not willing to change the traditional centralized model of the money supply, but they recognize the potential of the technology they are based on the blockchain, and are willing to develop it. This was stated by the head of Sberbank German Gref, speaking at forum for innovative financial technology Finopolis.

“You see I big future for cryptocurrency? So far, the state does not relinquish its centralized role, will not be allowed cryptocurrency. Although, maybe that would be the right model — I for the distributed model, including money supply. But it seems to me that this is not the future — optimistic, say 10 years. Maybe over the horizon 10 years something will be viewed, but not yet it seems that the government is ready with a centralized model of money supply leave,” he said.

The head of Sberbank, called the blockchain technology of the future, able to provide great opportunities, though it is not ready for full use.

“The technology is not ready. When will it be ready? In my opinion, three to five years. If you ask me in five years, maybe I’ll have something more intelligible to say about her place, but the potential is huge. A philosophy which is embedded in it, fundamentally changes many approaches. Improving technology will provide great value for business and society,” — said Gref.

According to him, the hype around the blockchain subsided and today he start to learn.

“Now, “hype” began and ended with a more balanced consideration and evaluation of this technology. Technology, in particular, we develop and experiment a lot. I can see that, particularly in the financial sector and in public administration this technology has great perspectives”, — he added.

Regarding the use of cryptocurrency Gref expressed concern: the prohibition of their turnover can damage a huge number of companies due to develop the technology of the blockchain, despite the fact that the business is not funding the development of this technology because she does it herself.

“It is therefore important between the murder and the flourishing of speculation to find the middle ground that will allow peace to develop the technology of the blockchain” — he concluded.

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